OPEC+ approves further oil output increase as Hormuz exports recover

OPEC+ has agreed to raise production targets by 188,000 barrels per day from August, adding supply to the market as oil exports through the Strait of Hormuz gradually recover. The decision was made during an online meeting and follows similar increases in June and July. The group’s seven core members have lifted quotas by nearly 800,000 barrels per day since April, though much of that increase had not fully reached the market because conflict involving Iran had disrupted tanker traffic through the strait. Oil production began to recover in June after efforts led by the United States helped the UAE and other producers export more crude. Even so, output remains below prewar levels. Brent crude traded near $72 a barrel on Friday, down from earlier peaks above $120, as traders weighed lower Chinese imports, higher supply from nonMiddle East producers and a large strategic stock release coordinated by the International Energy Agency.